Gambling Big Contributor to Canadian Economy
A new study by the Canadian Gaming Association shows just how important the country's gambling industry is to the Canadian economy, as a key contributor to the economy as it continues to evolve and expand.
The 2010 Economic Impact of the Canadian Gaming Industry, commissioned by the Canadian Gaming Association, shows that since 1995 revenue from legalized gaming has tripled. In 2010, gaming revenue reached $15.1 billion, compared to $6.4 billion only 15 years previously.
These numbers cover everything deemed to be legal gaming in Canada, including horse racing, bingo, video lottery terminals and casinos.
In total, gambling contributes to the Canadian economy to the tune of $16 billion if one takes into account non-gaming revenue from other items such as food and beverage sold in casinos, accommodation at gambling resorts, etc.
Interestingly, the study shows that business from gambling in Canada generates more revenue that other industries that were once considered big money generators. In fact, gambling revenue exceeds the total combined revenue generated by the sale of books and magazines, spectator sports, movie houses, social establishments and performing arts.
Gambling Contributes to Canadian Employment Figures
The gambling industry in Canada sees the full time employment of 128,000 people, as well as 283,000 indirectly. In total, labour income from gambling reaches $12.5 billion.
In a press release issued by the Canadian Gaming Association, the Chief Executive Officer, Bill Rutsey said: "In the past 15 years, we've seen tremendous investment across Canada to turn gaming facilities into entertainment destinations, which has generated not just economic benefits for the provinces, but employment opportunities as well."
The report noted that growth has been slightly slower recently, mainly due to the state of the economy, growing competition and the restructuring of gaming programs in certain Canadian provinces.
The gambling industry also had a positive affect on the general economy, as the majority of goods and services that are needed to sustain operators are produced or offered within the country's borders.
The Canadian Gaming Association is a non-profit organization that was created "with the fundamental goal to create balance in the public dialogue about gaming in Canada", according to the group's website.
"The Association's mandate is to create a better understanding of the gaming industry by bringing facts to the general public, elected officials, key decision makers and the media through education and advocacy."
Members of the CGA include IGT gambling group, Scientific Games casino software provider, WMS Gaming and Casino Rama.
